FxWirePro: Singapore dollar gains against US dollar as Singapore’s unemployment rate remains stable
USD/SGD is currently trading around 1.3590 marks. It made intraday high at 1.3622 and low at 1.3589 levels. Intraday bias remains bearish till the time pair holds key resistance at 1.3625 levels. A daily close below 1.35…
It made intraday high at 1.3622 and low at 1.3589 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1.3625 levels.
A daily close below 1.3554 will drag the parity down towards key supports at 1.3422(April 11, 2016 low), 1.3357 (April 20, 2016 low) /1.3318/1.3302 levels.
Alternatively, a sustained close above 1.3625 is required to test key resistances at 1.3799, 1.3836, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
Important to note here that, 20D, 30D and 55D EMA heads down and confirm the bearish trend.
Today Singapore released unemployment rate with flat numbers at 1.9%. In addition, Singapore’s Q1 total employment +13,000 vs advance estimate of +11,400.
We prefer to take short position in USD/SGD at 1.36, stop loss 1.3654 and target 1.3554/ 1.3422 marks.
